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CARRIAGE REPORTS SHARPLY HIGHER EARNINGS FROM CONTINUING OPERATIONS; THIRD QUARTER SALES UP 24 PERCENT

CARRIAGE REPORTS SHARPLY HIGHER EARNINGS FROM CONTINUING OPERATIONS;
 THIRD QUARTER SALES UP 24 PERCENT
 CALHOUN, Ga., April 20 /PRNewswire/ -- Carriage Industries, Inc. (NYSE: CGE), a leading carpet manufacturer for specialized markets, today reported net sales from continuing operations of $30.1 million for the third quarter ended March 29, up from $24.3 million in the same period last year.
 Earnings from continuing operations were $699,000, or $.17 per share, compared with a loss of $349,000, or $.08 per share, in the prior year.
 Net sales from continuing operations in the first nine months were $83.2 million, up from $77.2 million last year. Earnings from continuing operations were $1,439,000, or $.34 per share, compared with $662,000, or $.16 per share, in the prior year.
 The impact of the previously announced plan to sell Carriage's Medart, Inc., subsidiary, including an after-tax, non-recurring loss of $3.2 million, or $.77 per share, has been recorded in the fiscal 1992 third quarter, and all prior period data has been restated. See financial statements below for further information.
 "For our seasonally slow March quarter, this is the second-best per share result from continuing operations since the boom year of 1984," said Clarence E. Harris, chairman and chief executive officer. "The markets we serve appear to be benefiting from the modest recovery in the economy, and our per share results have been further enhanced by recent market share gains and the stock repurchase we made two years ago."
 Looking ahead, Harris said: "The momentum of improvement in our key markets appears to be continuing. Assuming a successful implementation of a price increase to offset a recently announced fiber increase, favorable year-to-year quarterly continuing operations comparisons should be possible for at least the next quarter or two."
 Carriage, with fiscal 1991 sales of $106 million from continuing operations, is a vertically integrated manufacturer of carpet for specialized markets. The company is a leading supplier to the manufactured housing, recreational vehicle, small boat and exposition/trade show industries. Carriage also produces carpet for the contract/residential, hospitality/commercial and home center/needlebond markets.
 Corporate offices and most of Carriage's 800 carpet employees are in Calhoun, Ga. Sales offices and distribution centers are strategically located across the United States. The company's transportation subsidiary operates one of the largest trucking fleets in the carpet industry.
 CARRIAGE INDUSTRIES, INC.
 (In thousands, except per share data)
 3rd qtr. ended 3/29/92 3/31/91
 Net sales $ 30,064 $ 24,337
 Cost of sales 22,597 19,080
 Gross profit 7,467 5,257
 Selling, general and
 administrative expenses 5,720 5,031
 Operating income 1,747 226
 Interest expense 499 654
 Other expense 113 59
 Earnings (loss) from continuing
 operations before income taxes 1,135 (487)
 Income taxes 436 (138)
 Earnings (loss) from continuing
 operations 699 (349)
 Earnings (loss) from operations of
 segment held for sale (net of income
 taxes) (312) 4
 Loss on disposal of segment held for
 sale (net of income taxes) (3,224) 0
 Net earnings (loss) $(2,837) $ (345)
 9 mos. ended 3/29/92 3/31/91
 Net sales $ 83,189 $ 77,169
 Cost of sales 62,501 58,237
 Gross profit 20,688 18,932
 Selling, general and
 administrative expenses 16,372 15,325
 Operating income 4,316 3,607
 Interest expense 1,748 2,140
 Other expense 223 212
 Earnings (loss) from continuing
 operations before income taxes 2,345 1,255
 Income taxes 906 593
 Earnings (loss) from continuing
 operations 1,439 662
 Earnings (loss) from operations of
 segment held for sale (net of income
 taxes) (746) (175)
 Loss on disposal of segment held for
 sale (net of income taxes) (3,224) 0
 Net earnings (loss) $ (2,531) $ 487
 Note: All prior period data has been restated to reflect segment held for sale.
 Per Common Share data
 3rd quarter ended 3/29/92 3/31/91
 Earnings (loss) from continuing
 operations $ .17 $ (.08)
 Earnings (loss) from operations
 of segment held for sale (.07) .00
 Loss on disposal of segment held
 for sale (.77) .00
 Net earnings (loss) $ (.67) $ (.08)
 Weighted average number of common
 shares outstanding 4,209 4,172
 9 mos. ended 3/29/92 3/31/91
 Earnings (loss) from continuing
 operations $ .34 $ .16
 Earnings (loss) from operations
 of segment held for sale (.17) (.04)
 Loss on disposal of segment held
 for sale (.77) .00
 Net earnings (loss) $ (.60) $ .12
 Weighted average number of common
 shares outstanding 4,201 4,170
 Balance Sheet Data From
 Continuing Operations 3/29/92 6/30/91
 Accounts receivable, net $13,300 $11,571
 Inventories 21,730 19,964
 Current assets 39,005 33,617
 Current liabilities 17,123 15,621
 Working capital 21,882 17,996
 Total assets 80,387 75,630
 Long-term debt 28,815 27,781
 Balance Sheet Data Including
 Segment Held For Sale
 Stockholders' equity $28,990 $31,693
 Stockholders' equity per common share $ 6.87 $ 7.58
 -0- 4/20/92
 /CONTACT: Clarence E. Harris, chairman and CEO, or Steven G. Jones, vice president-Finance of Carriage Industries, 404-629-9234/
 (CGE) CO: Carriage Industries, Inc. ST: Georgia IN: TEX SU: ERN


EA-BR -- AT003 -- 9879 04/20/92 09:08 EDT
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Date:Apr 20, 1992
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